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Kayne Anderson Midstream/Energy Fund, Inc. (the “Fund”) (NYSE: KMF)
today provided a summary unaudited statement of assets and liabilities
and announced its net asset value and asset coverage ratios under the
Investment Company Act of 1940 (the “1940 Act”) as of January 31, 2013.

As of January 31, 2013, the Fund’s net assets were $692 million and its
net asset value per share was $31.54. As of January 31, 2013, the Fund’s
asset coverage ratio under the 1940 Act with respect to senior
securities representing indebtedness was 509% and the Fund’s asset
coverage ratio under the 1940 Act with respect to total leverage (debt
and preferred stock) was 377%.

Kayne Anderson Midstream/Energy Fund, Inc.

Statement of Assets and Liabilities

January 31, 2013

(Unaudited)

(in millions)

Per Share

Investments

$

953.0

$

43.44

Cash

1.6

0.07

Deposits

0.5

0.02

Accrued income

6.7

0.31

Receivable for securities sold

0.4

0.02

Other assets

2.3

0.10

Total assets

964.5

43.96

Credit facility borrowings

20.0

0.91

Senior notes

165.0

7.52

Preferred stock

65.0

2.96

Total leverage

250.0

11.39

Payable for securities purchased

14.0

0.64

Other liabilities

8.5

0.39

Total liabilities

22.5

1.03

Net assets

$

692.0

$

31.54

The Fund had 21.94 million common shares outstanding as of January
31, 2013.

As of January 31, 2013, equity and debt investments were 87% and 13%,
respectively, of the Fund’s long-term investments of $953 million.
Long-term investments were comprised of Midstream Companies (41%), MLP
and MLP Affiliate (38%), Other Energy (7%), Other (1%) and Debt (13%).

The Fund’s ten largest holdings by issuer at January 31, 2013 were:

Units

(in thousands)

Amounts

($ millions)

Percent of

Long-Term

Investments

1.

The Williams Companies, Inc. (Midstream Company)

2,407

$84.4

8.9%

2.

Kinder Morgan Management, LLC (MLP Affiliate)

946

78.0

8.2%

3.

ONEOK, Inc. (Midstream Company)

1,524

71.6

7.5%

4.

Kinder Morgan, Inc. (Midstream Company)

1,783

66.8

7.0%

5.

Enbridge Energy Management, L.L.C. (MLP Affiliate)

1,204

36.7

3.9%

6.

Buckeye Partners, L.P. (Midstream MLP)

557

28.6

3.0%

7.

Golar LNG Partners LP (Midstream Company)

943

27.8

2.9%

8.

Plains All American Pipeline, L.P. (Midstream MLP)

459

24.2

2.5%

9.

Targa Resources Corp. (Midstream Company)

378

22.8

2.4%

10.

Regency Energy Partners LP (Midstream MLP)

913

22.6

2.4%

The Fund is a non-diversified, closed-end management investment
company registered under the Investment Company Act of 1940 whose common
stock is traded on the NYSE. The Fund’s investment objective is to
provide a high level of total return with an emphasis on making
quarterly cash distributions to its stockholders by investing at least
80% of its total assets in securities of companies in the
Midstream/Energy Sector, consisting of: (a) Midstream Master Limited
Partnerships (“MLPs”), (b) Midstream Companies, (c) Other MLPs and (d)
Other Energy Companies. The Fund anticipates that the majority of its
investments will consist of investments in Midstream MLPs and Midstream
Companies. See Glossary of Key Terms on page ii of the Prospectus for
definitions of certain key terms.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This press
release contains "forward-looking statements" as defined under the U.S.
federal securities laws. Generally, the words "believe," "expect,"
"intend," "estimate," "anticipate," "project," "will" and similar
expressions identify forward-looking statements, which generally are not
historical in nature. Forward-looking statements are subject to certain
risks and uncertainties that could cause actual results to differ from
the Fund’s historical experience and its present expectations or
projections indicated in any forward-looking statements. These risks
include, but are not limited to, changes in economic and political
conditions; regulatory and legal changes; MLP industry risk; leverage
risk; valuation risk; interest rate risk; tax risk; and other risks
discussed in the Fund’s filings with the SEC. You should not place undue
reliance on forward-looking statements, which speak only as of the date
they are made. The Fund undertakes no obligation to publicly update or
revise any forward-looking statements made herein. There is no assurance
that the Fund’s investment objective will be attained.

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